Healthcare Technology Costs

December 21, 2018

Electronic health records, online patient portals that allow patients to view their personal health information, make payments, and schedule appointments online, as well as the costs to upgrade and maintain these systems, are just a few contributors to significant increases in healthcare technology costs.

40% of US healthcare providers report that their IT and technology budgets are growing.

The current annual overall healthcare provider spend on IT programs is $40 million.

Clinical healthcare IT spending alone was $18.9 billion in 2015.

Healthcare big data is expected to grow 42% in 2019.

Technology costs at physician-owned multi-specialty practices have increased by more than 40% since 2009. In 2015, such practices spent more than $32,500 per full-time physician on information technology equipment, staff, maintenance, and other related expenses – IT staff expenses alone have escalated by nearly 47% per full-time physician since 2009.

Hospitals and healthcare systems are faced with the increasing challenge of effectively budgeting for the rapid technology and IT growth as they need to enhance technology for analytics, cybersecurity, ACO integrations, telehealth, and more.